Another low cost car for India?

This is a discussion on Another low cost car for India? within The Indian Car Scene, part of the BHP India category; Renault mulls super-low cost car - livemint
Renault mulls super-low cost car
French manufacturer mum on reports that it aims ...

Paris: Renault said on 14 June it was considering creating a super low-cost car for emerging markets but would not comment on the details of a report which said it aimed to create a $3,000 vehicle in India.
Le Figaro newspaper said the French car manufacturer planned to hire 1,000 engineers to design a super low-cost model within three years. The new car would not be sold in Europe.
“We are indeed thinking about a car priced more competitively than (the) Logan (model) for emerging markets,” a Renault spokeswoman said without giving details.
Renault has been selling a locally-assembled Logan model in India since May.
The car maker is building a second plant in India which will start rolling out cars in mid-2009. It does not have a design centre in the country.
The paper said the project would be discussed by Renault’s central works’ council soon.Renault shares rose 2% to 111.28 euros by 0716 GMT.

The funny thing is that $3000 is considered 'ultra low cost'. I would like some of the stuff they are smoking. 1.2L going by current exchange rates - how will they get it right? Maybe if M&M is not involved, LOL.